India's Strategy to Counter US Tariff Hikes: Commerce Ministry's Export Boost
The Commerce Ministry is set to engage with exporters from diverse sectors to bolster export strategies amid a steep 50% US tariff on Indian goods, impacting over $48 billion in trade. Meetings this week focus on exploring new markets, part of the forthcoming Export Promotion Mission for 2025-26.
- Country:
- India
The Commerce Ministry is taking proactive measures to safeguard Indian exporters in light of the recent 50% tariffs imposed by the US. Various sector meetings, including chemicals, gems, and jewelry, are scheduled to explore new market avenues.
Officials report rapid progress on the Export Promotion Mission, unveiled in the national Budget for the fiscal year 2025-26. Stakeholder discussions on diversifying export markets will be a focal point over the next few days.
Indian products now subjected to high tariffs include textiles, gems, shrimp, and machinery. Exempt sectors include pharma and electronics with the US remaining a key trading partner, accounting for a significant portion of India's exports.
(With inputs from agencies.)
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